The initial public offering (IPO) of Premier Energies, a solar cell and module manufacturer, received a strong response on the second day of bidding, with subscriptions reaching 6.60 times the available shares by Wednesday. The Rs 28.3-billion IPO attracted bids for 29,48,45,364 shares, far exceeding the 4,46,40,825 shares on offer, as per data from the National Stock Exchange (NSE).

The non-institutional investors (NII) segment led the charge with an 18.83 times subscription. The Retail Individual Investors (RII) category was oversubscribed by 4.21 times, while the Qualified Institutional Buyers (QIB) portion saw a 1.40 times subscription. Notably, Premier Energies' IPO was fully subscribed on its opening day. 

The IPO comprises a fresh issue worth up to Rs 12.91 billion and an offer-for-sale of up to 3,42,00,000 equity shares. The price range for the shares has been set at Rs 427-450 per share. Premier Energies announced it had raised Rs 8.46 billion from anchor investors.

A significant portion of the funds from the fresh issue, amounting to Rs 9.69 billion, will be invested in Premier Energies’ subsidiary, Premier Energies Global Environment Pvt Ltd. These funds will partly finance the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remaining funds will be allocated for general corporate purposes.

Premier Energies, with 29 years of experience, is an integrated solar cell and module manufacturer with a total installed capacity of 2 GW for solar cells and 4.13 GW for solar modules across five manufacturing facilities. The book-running lead managers for the offer are Kotak Mahindra Capital Company, J P Morgan India, and ICICI Securities.